Arrow Investment Advisors 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
SITE CENTERS CORP	COM	82981J109	209	25,764	SH		SOLE		25,764	0	0
APPLE HOSPITALITY REIT INC	COM NEW	03784Y200	209	21,687	SH		SOLE		21,687	0	0
ISHARES TR	JPMORGAN USD EMG	464288281	2,522	23,091	SH		SOLE		23,091	0	0
ISHARES TR	S&P 500 GRWT ETF	464287309	8,675	41,810	SH		SOLE		41,810	0	0
EQUITRANS MIDSTREAM CORP	COM	294600101	298	35,902	SH		SOLE		35,902	0	0
KNOT OFFSHORE PARTNERS LP	COM UNITS	Y48125101	289	20,993	SH		SOLE		20,993	0	0
ISHARES TR	BARCLAYS 7 10 YR	464287440	6,952	57,046	SH		SOLE		57,046	0	0
SELECT SECTOR SPDR TR	SBI CONS DISCR	81369Y407	7,140	55,911	SH		SOLE		55,911	0	0
ARROW INVTS TR	QVM EQT FACTOR	042765784	2,281	110,000	SH		SOLE		110,000	0	0
INDEPENDENCE RLTY TR INC	COM	45378A106	289	25,150	SH		SOLE		25,150	0	0
ISHARES TR	IBOXX INV CP ETF	464287242	2,423	18,013	SH		SOLE		18,013	0	0
CAPITAL PRODUCT PARTNERS L P	PARTNERSHP UNITS	Y11082206	251	31,013	SH		SOLE		31,013	0	0
HOEGH LNG PARTNERS LP	COM UNIT LTD	Y3262R100	262	26,946	SH		SOLE		26,946	0	0
FREEPORT-MCMORAN INC	CL B	35671D857	467	40,406	SH		SOLE		40,406	0	0
CROSSAMERICA PARTNERS LP	UT LTD PTN INT	22758A105	309	22,961	SH		SOLE		22,961	0	0
SPDR SER TR	BLMBRG BRC CNVRT	78464A359	2,119	35,031	SH		SOLE		35,031	0	0
ISHARES TR	1 3 YR TREAS BD	464287457	2,875	33,198	SH		SOLE		33,198	0	0
ARROW INVTS TR	DWA COUNTRY ETF	042765685	8,458	337,617	SH		SOLE		337,617	0	0
DELEK LOGISTICS PARTNERS LP	COM UNT RP INT	24664T103	302	13,184	SH		SOLE		13,184	0	0
SCHWAB STRATEGIC TR	US TIPS ETF	808524870	1,738	28,958	SH		SOLE		28,958	0	0
SELECT SECTOR SPDR TR	SBI HEALTHCARE	81369Y209	9,301	92,947	SH		SOLE		92,947	0	0
SPDR SER TR	PORTFLI TIPS ETF	78464A656	630	20,886	SH		SOLE		20,886	0	0
KITE RLTY GROUP TR	COM NEW	49803T300	214	18,514	SH		SOLE		18,514	0	0
ISHARES TR	TIPS BD ETF	464287176	2,915	23,698	SH		SOLE		23,698	0	0
ARROW INVTS TR	RESV CAP ETF	042765719	47,811	476,303	SH		SOLE		476,303	0	0
KIMBELL RTY PARTNERS LP	UNIT	49435R102	212	24,624	SH		SOLE		24,624	0	0
MOBILE TELESYSTEMS PJSC	SPONSORED ADR	607409109	335	36,477	SH		SOLE		36,477	0	0
ISHARES TR	20 YR TR BD ETF	464287432	7,663	46,743	SH		SOLE		46,743	0	0
SUNOCO LP/SUNOCO FIN CORP	COM UT REP LP	86765K109	306	13,412	SH		SOLE		13,412	0	0
SUBURBAN PROPANE PARTNERS L	UNIT LTD PARTN	864482104	270	18,900	SH		SOLE		18,900	0	0
NUSTAR ENERGY LP	UNIT COM	67058H102	228	15,970	SH		SOLE		15,970	0	0
ISHARES TR	IBOXX HI YD ETF	464288513	1,959	23,996	SH		SOLE		23,996	0	0
KIMCO RLTY CORP	COM	49446R109	220	17,096	SH		SOLE		17,096	0	0
SELECT SECTOR SPDR TR	TECHNOLOGY	81369Y803	12,239	117,131	SH		SOLE		117,131	0	0
VANGUARD SPECIALIZED FUNDS	DIV APP ETF	921908844	8,962	76,478	SH		SOLE		76,478	0	0
USA COMPRESSION PARTNERS LP	COMUNIT LTDPAR	90290N109	261	24,042	SH		SOLE		24,042	0	0
ISHARES TR	USA MOMENTUM FCT	46432F396	8,434	64,384	SH		SOLE		64,384	0	0
CENTURYLINK INC	COM	156700106	281	27,967	SH		SOLE		27,967	0	0